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Senior secondaries practitioners expect to achieve pre-leverage returns of just 9-13 per cent on a deal-by-deal basis over the next three to five years, and anticipate a fall in pricing in the second half of 2015.
This is according to a poll of over 80 senior members of the secondaries industry, taken at the Secondaries Investor Forum in London on 1 July, 2015.
Despite this, secondaries insiders expect deal volume to remain relatively flat this year at between USD40 billion and USD45 billion. The findings are representative of a market dominated by high demand for a low number of desirable
Noerr is advising the globally operating e-commerce platform Global Fashion Group (GFG) in connection with a financing round and the integration of two additional Brazilian fashion portals. A Noerr team headed by Prof Dr Christian Pleister (pictured) acted for GFG.
Under the leadership of the main investors Kinnevik and Rocket Internet, the current GFG investors are providing total equity of EUR150 million. In addition, Kinnevik, Rocket and listed company Millicom are contributing their shares in the Brazilian online portals Kanui and Tricae, valued at EUR 150 million. Both companies will be integrated into Dafiti, a GFG portal. As a result
Pemberton Asset Management’s inaugural European Mid-Market Debt Fund, which brings together investors from large blue-chip financial services and insurance companies across Europe, has held its first close at EUR447 million.
Legal & General Capital (LGC) purchased a 40 per cent stake in Pemberton Asset Management in July 2014, with an initial commitment to invest EUR250m into mid-market loans in order to develop a European lending capability, accelerating its participation in the direct lending market and providing a new source of institutional funding to corporates over the long term.
The Pemberton European Mid-Market Debt Fund I provides much-needed finance to established
Private equity investor NextStage AM has promoted Aloys de Fontaines, Michaël Strauss-Kahn and Julien Potier to the position of Investment Director.
All three have previously served as Associate, then as Senior Associate at NextStage AM. They will now focus their attentions on NextStage, an investment vehicle launched in June 2015, with a
mission is to provide European mid-cap companies with a solution in terms of long-term
equity investment.
“The appointment of Aloys de Fontaines, Michaël Strauss-Kahn and Julien Potier as Investment
Directors is a natural step in their career paths and an illustration of the confidence we have placed
in
China Merchant Bank (CMB), CIIC, and Shanghai Shentong Metro are the first Chinese partners to have expressed an interest in investing in Idinvest Partners’ Chance investment platform, which is dedicated to direct Chinese in European SMEs.
Idinvest has also entered discussions with several Chinese banks, insurers and investment funds. The initial closing round of approximately EUR300 million is scheduled for the end of 2015.
Idinvest Partners signed the operational launch of the Chance investment platform on 2 July 2015, during Chinese Premier Li Keqiang’s visit to France. The signing ceremony was held in Toulouse (southern France) and was attended by
Great Lakes Fund Solutions have launched CrowdKey, software-as-a-service (SaaS) that provides online private placement platforms with a white-labeled crowdfunding site and an outsourced back office.
CrowdKey allows platforms to accelerate their time to market, reduce fixed formation costs, perform a variety of vendor management and compliance functions, outsource their call centre and back office, and quickly begin to display deals for investors.
The vendor-hub features of CrowdKey allow online private placement platforms to tap into banking, legal and fund administration resources to keep issuers in compliance and actively structuring deals rather than becoming immersed in clerical work. CrowdKey is
James Cowper Kreston has advised independent private equity company Growth Capital Partners LLP on its investment in FLYdocs Systems Limited.
The investment provides FLYdocs with development capital funding and strategic support to facilitate further international growth. James Cowper Kreston’s Corporate Finance team provided lead advisory services to Growth Capital Partners.
FLYdocs is a technology company whose software as a service platform provides best in class paperless aviation records management and online aircraft transition services to commercial airlines, aircraft lessors and other aviation industry participants worldwide. Based in Tamworth, Staffordshire, FLYdocs has additional offices and operations in the US, India,
An affiliate of HIG Capita has completed the acquisition of Intelius an online provider of people-related information for consumers.
Intelius is a leading provider of on-demand information about individuals and predictive analytics that can help identify connections to other people, places and things. Headquartered in Bellevue, Washington, the privately-held company has been in business since 2003 and has sold more than 50 million reports.
“We are pleased to support Intelius, a leading provider of online consumer information services,” says Elliot Maluth, a Managing Director of HIG Capital. “We view Intelius as a strong cash flow business with tremendous growth
AMP Capital and 3i Infrastructure plc (3i Infrastructure) have entered into an agreement to jointly acquire 100 per cent of Danish company ESVAGT from Maersk Group.
AMP Capital is investing approximately GBP109 million to acquire a 50 per cent interest in ESVAGT and will have an equal shareholding with 3i Infrastructure.
Headquartered in Esbjerg, Esvagt has been operating since 1981. It is a leading provider of emergency response and rescue services in the offshore oil and gas industry in Denmark and Norway, and has a growing presence in the UK and offshore wind services segments. Esvagt employs more
Actis has sold its majority shareholding investment in Mouka Limited (Mouka), a Nigerian mattress brand, to Abraaj, a private equity investor. Financial details of the transaction have not been disclosed.
Mouka manufactures foam spring mattresses, polyurethane blocks, pillows and furniture for consumers in West Africa. Actis invested in 2007 and since then it has expanded the company and its operations across Nigeria; built best in class manufacturing facilities; expanded production and distribution; brought in a first-rate board and institutionalised the organisation, helping Mouka evolve from a well-respected, family owned business into a sustainable, successful corporation.
John Opubor, Director in
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